Failing to hold on to initial gains, the Indian rupee on Monday fell 39 paise to end at 61.27 against the dollar, near a record low, on heavy demand for the US currency from importers.
The rupee opened higher at 60.48 a dollar from the previous close of 60.88 at the Interbank Forex. It improved to a high of 60.45 as local stocks advanced. Later, the currency fell to a low of 61.30 before settling at 61.27, a drop of 39 paise or 0.64 per cent.
The rupee on 7 August had ended at record low of 61.30.
‘The rupee gained during the early session in anticipation of the fruitful measures from the finance ministry and the RBI,’ said Abhishek Goenka, founder and CEO of India Forex Advisors.
The rupee opened higher at 60.48 a dollar from the previous close of 60.88 at the Interbank Forex. It improved to a high of 60.45 as local stocks advanced. Later, the currency fell to a low of 61.30 before settling at 61.27, a drop of 39 paise or 0.64 per cent.
The rupee on 7 August had ended at record low of 61.30.
‘The rupee gained during the early session in anticipation of the fruitful measures from the finance ministry and the RBI,’ said Abhishek Goenka, founder and CEO of India Forex Advisors.